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Nigerian Stocks Extend Losses by 0.79%

By Dipo Olowookere

Profit-taking activities on the floor of the Nigerian Stock Exchange (NSE) on Wednesday further plunged the market in the negative territory.

The local bourse finished the session with a 0.79 percent decline, leaving the year-to-date return at -15.14 percent.

The day’s loss was mainly due to the poor performances of Dangote Cement and some other large-cap stocks.

At the close of transactions, the All-Share Index (ASI) went down by 257.62 points to settle at 32,454.03 points, while the market capitalisation reduced by N94 billion to finish at N11.848 trillion.

Dangote Cement, which topped the losers’ chart yesterday, lost N4.90k of its share value to close at N200.10k per share.

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It was trailed by Nigerian Breweries, which fell by N2.50k to settle at N89 per share, and Unilever Nigeria, which crashed by N1 to end at N46 per share.

FBN Holdings reduced by 10 kobo to settle at N9.10k per share, while UBA also fell by 10 kobo to close at N8.30k per share.

On the flip side, Nestle Nigeria put up a good performance, resulting into the N1 the stock gained to close at N1400 per share.

Dangote Sugar appreciated by 60 kobo to end at N14.50k per share, while Zenith Bank rose by 30 kobo to finish at N21.80k per share.

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Cutix increased its share price by 20 kobo to close at N4.30k per share, while GTBank also appreciated by 20 kobo to end at N36.70k per share.

Business Post reports that it was a busy day for financial stocks at the market on Wednesday, accounting for 120.8 million shares exchanged for N661 million, while the consumer goods stocks followed with 4 million units sold for N542 million.

FCMB emerged the most traded stock at the market yesterday as investors continued to offload the shares with others ready to acquire them. The lender sold 38.4 million units of its shares yesterday for N65.7 million.

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This was followed by UBA, which traded 20.8 million units worth N172.5 million, and Fidelity Bank, which exchanged 19.2 million equities valued at N35.3 million.

Access Bank transacted 7.9 million shares for N64.2 million, while Zenith Bank exchanged 6.7 million equities worth N145.8 million.

At the end of the day, the volume and value of shares traded at the market on Wednesday fell by 25.93 percent and 57.72 percent respectively.

A total of 136.7 million shares worth N1.4 billion exchanged hands in 2,801 deals yesterday compared with the 184.6 million equities transacted the previous day in 2,889 deals valued at N3.4 billion.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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